Auction of MGM Signature Towers Sets New Record Low Comp Values

I recently attended the public auction held to sell 20 units in the three MGM Signature towers located just off the Las Vegas strip. The auction was held on April 21st and was attended by about 125 people. All units were sold.

MGM has been forced to clamor for capital since its flagship project, the record setting City Center development in Las Vegas, ran into funding difficulties and innumerable construction setbacks and delays. MGM’s major financial partner in the deal, Dubai World, announced that they would not honor their obligations to the project. This announcement brought the already struggling MGM Mirage corporation to the edge of Chapter 11 bankruptcy filings as they struggled to find alternative financing. MGM Mirage has financial covenants due to expire on April 29th and May 15th. There has been speculation that they may need to sell off some major assets, such as the Beau Rivage in Mississippi or the MGM Grand Detroit. Just recently, however, investor Carl Icahn and private equity fund Oaktree Capital Management have stepped up and acquired hundreds of millions of MGM Mirage bonds. Should this deal go through it might save MGM Mirage from having to sell further assets in order to stay afloat.

In the meantime, MGM’s loss was investors gain in the Las Vegas condo market. The auction saw new record low sales prices for both one bedroom and studio units in the MGM Signature complex. The top one bedroom sold for 5K and the low sold for 5K. The previous low comp for a one bedroom unit was 4K. So this sale brought the comp down quite a bit from 4K to 5K. The top studio unit sold for 0K and the low sold for 2K. The previous low comp was 4K. So again the comp came down from 4K to a new low of 2K.

It will take approximately one month for these units to officially close and for the new lower comps to register in the MLS. There are still 24 REO/bank owned units available within the Signature towers. Once the new comps register, there will be another great buying opportunity for anyone still interested. I will then be advising my investors to put in some cash offers for lower than the new low comp prices and test the waters.

This MGM auction, and others that are coming up shortly at different locations, are proving that high rise prices in Las Vegas are finally coming down to levels where they are extremely affordable as a second/vacation home option and even as an investment.

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MJ stage clothes, guitars used by Hendrix, Cash and Elvis part of celebrity auction in Vegas
LAS VEGAS – Michael Jackson memorabilia, including furniture, stage clothes and handwritten lyrics, are up for sale as part of a celebrity auction planned in Las Vegas this month.
Read more on Minneapolis-St. Paul Star Tribune

Will Las Vegas ever be dealt a winning hand?
It seems like Las Vegas has been waiting a long time for some positive economic news. But according to UNLV’s Center for Business and Economic Research (CBER), we still have a ways to go before the valley experiences a true recovery.
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Reid’s angle: Attack GOP foe Angle in Senate bid
LAS VEGAS — Sig Rogich is a hyper-connected Nevada Republican who helped elect Ronald Reagan and George H.W. Bush, and once worked a few steps from the Oval Office in a White House corner later occupied by Karl Rove.
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Technorati Tags: auction, Cash, celebrity, clothes, elvis, guitars, Hendrix, part, stage, used, Vegas

Hi. I’m the advisor of a high school Spanish Club in Las Vegas. We are a small group of about 20 students, but they are very dedicated. We are looking to raise about ,200 for a field trip.

I have tried an auction/raffle, but I contacted over 25 local businesses and 0 of them would donate an item. I also tried to solicit casinos here in Las Vegas, but again, none of them would contribute. I kept getting the response that "the economy is horrible and we can’t donate."

I don’t think we can hold any food sales at school because my Principal will not allow food on campus due to an ant infestation.

I’m running out of ideas and I need to raise this money withing the next 6 weeks or we will not be able to submit an application for the field trip.

How about grants? Can I get one for a field trip?

Technorati Tags: ant infestation, auction, casinos, economy, field trip, food sales, grants, las vegas, local businesses, money, raffle, small group, spanish club

Hi. I’m the advisor of a high school Spanish Club in Las Vegas. We are a small group of about 20 students, but they are very dedicated. We are looking to raise about ,200 for a field trip.

I have tried an auction/raffle, but I contacted over 25 local businesses and 0 of them would donate an item. I also tried to solicit casinos here in Las Vegas, but again, none of them would contribute. I kept getting the response that "the economy is horrible and we can’t donate."

I don’t think we can hold any food sales at school because my Principal will not allow food on campus due to an ant infestation.

I’m running out of ideas and I need to raise this money withing the next 6 weeks or we will not be able to submit an application for the field trip.

How about grants? Can I get one for a field trip?

Technorati Tags: ant infestation, auction, casinos, economy, field trip, food sales, grants, las vegas, local businesses, money, raffle, small group, spanish club

It seems like Vegas housing prices are nearing bottom. Many lofts are now going under auction starting at 90k or so – do you believe this presents a good opportunity for an investment in a second home?

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We have a permission based email address list for realtors in the Las Vegas area that is being blocked from broadcasting and we really need to get these emails out as they pertain to weekend invitations for open house homes for auction. How do I get this spam blocker removed so that these work related emails can go through?

Technorati Tags: auction, invitations, las vegas, open house, realtors, spam blocker, vegas area

http://www.cnbc.com/id/26869324

Should these entities be put up for auction so that PRIVATE money (and not taxpayer money) can enter into the bidding, make it fairer, and lessen the burden for American taxpayers?

What will help these banks and mortgage companies loan again to those who can put 20% down? Getting those who made bad loans to lend again is critical; lubricating the lending facilities will, in turn, be critical in soaking up the high levels of real estate inventory in cities like Las Vegas.

Technorati Tags: american taxpayers, auction, banks, cnbc, entities, las vegas, loans, mortgage companies, private money, real estate, taxpayer money

So I know this question has been asked on here a couple of times, but I have yet to find the same situation as I am in. I have had a suspicion for the past couple of months that the owner of the rental house I am in has been in default. I have contacted my rental agency on numerous occasions questions the owner default and have always been told "it will be taken care of, the owner assured me of this". However, for the past week, I have been having many knocks at the door with people dropping off ads to help stop foreclosure. I checked realtytrac.com today just to ensure my suspicions were correct and sure enough, I was right. Only, it turns out our rental home will be going up for auction next Wednesday! I have not been notified about anything and I understand that this is normal, but I am exremely frustrated. I am meeting with my agency tomorrow to discuss my findings, but I wanted to get some opinions. Is it normal for an agency to return a deposit when one of their clients goes into default? My contract is with my rental agency, not the owner, so I would assume my circumstances will differ a bit than it would through the owner. Also, if the house is being auctioned on Wednesday, does this mean I have until then to vacate? I understand that sometimes whomever purchases the home will sometimes decided to keep the renters, but I do not want to chance being told to vacate with a 3 day notice. Also, I have heard from a couple of people that I can collect any rent that I have paid since the owner has been in default. I’m not sure I believe this, but someone on here knows? Has anyone experienced this or have any advice? BTW, I am in Nevada, so I’m not sure if the law differs here with regards to foreclosures. Thanks for any help in advance.

Technorati Tags: auction, circumstances, foreclosures, occasions, rental house, stop foreclosure, suspicion, suspicions

The property is set for auction in 30 days. We haven’t paid him for this months rent(because he is avoiding us) our lease was due for renewal in jan. but was never signed due to his avoidance of all calls. and the property we are moving into wont be ready until 10 days after the bank takes over. My question is: what are my rights I feel we are just in limbo, am i in default of lease for not paying? we dont intend on giving him anymore money and will i be able to stay until our other property is available. las vegas nv.
16 hours ago – 3 days left to answer.
Additional Details
14 hours ago

NRS 118A.250 Receipts for security, rent and other payments. The landlord shall deliver to the tenant upon his request a signed written receipt for security and any other payments, deposits or fees, including rent, paid by the tenant and received by the landlord. The tenant may refuse to make rent payments until the landlord tenders the requested receipt.

(Added to NRS by 1977, 1335)

i am not a lawyer but i came across this. he has not came by to pick up the rent as agreed upon for rent money transfer therefore i can not get a reciept. no one told us of the default of loan to let us know but do to recent scare of foreclosures we researched public domain on the assessors site that it is in default he had no intention of even letting us know. thank you all for your replys to this matter
14 hours ago

NRS 118A.210 Rental agreements: Payment of rent; term of tenancy.

1. Rent is payable without demand or notice at the time and place agreed upon by the parties
he is not returning any of our calls since the first of feb and he always shows up to collect rent at our door we pay cash and have all reciepts.

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I have a judgment against me from the second mortgage holder on an investment house I bought that was foreclosed on. The first mortgage company foreclosed and sold the house (in Nevada) at auction. The second mortgage company didn’t get settled thru foreclosure because of some law in Nevada so they came after me and won the judgment 120K. Now they have garnished my wages and I am barely making it (Single income, three kids high rent in So. Cal) I do not have ANY assets, and do have large credit card debts and reside in California. I was asked if the judgment was non-dischargeable- it does not say non-dischargeable.
Is it my only solution to go bankrupt(not credit consultation nor counseling)
1) I’m not sure if I which chapter I should file under.
2) I do not have money for a highpriced lawyer- what are my options? (I have found flat rate attorneys and cut rate bankruptcy specialists)
3) What questions should I ask of prospective legal help before I commit to one service/attorney?
Oh, more info, the home was bought on little down with our very good credit. There was no equity in it but was in an area of high rising appreciation (three years ago). But one day the developers of the housing tract lower the prices of the newest tract accross the street. They cut the price of the new identical homes by 100,000 dollars. We found our investment home devalued by 100,000 overnight and had aprox 90k in negative equity. We were previously renting it for a 300.00 a month loss- banking on quick equity by appreciation.

Technorati Tags: assets, attorneys, auction, bankruptcy, counseling, credit card debts, credit consultation, developers, first mortgage, foreclosure, judgment against, lawyer, legal help, money, mortgage company, mortgage holder, negative equity, second mortgage, three kids, wages